Adj. cash EBITDA 3% above and solid dividend

IT Norway Q4e: growth at reasonable prices

Still good value despite strong run

Post-Q3 drop gives buying opportunity in Link and Pexip

Solid Q3 impacted by timing of revenue

Revenue below due to timing, opex better

Valuation remains highly attractive

Software at 8-12% FCF yield

Higher ARR guidance to drive est. upgrades

Norway: Rebound to continue

Positive or neutral estimate revisions for most companies. Best risk/reward over Q2 in Crayon, Link, NOD. Top picks: Atea, Crayon, Link, Pexip.

Guidance upgrade likely at Q2

We are NOK 3m below cons . on Q2 EBITDA. Expect '24 margin guidance to be lifted to 15-18% (prev. 13-18%). BUY: 7-11% '24e-'26e FCF yields vs. peers at 3-4%.

Cheapest SaaS company in the Nordics

We lift '25e-'26e EBIT by 20-24%. Less competition + less legacy dilution = growth to accelerate. BUY: 8-13% '24e-'26e FCF yields vs. peers at 2-6%.

13% adj. EBITDA beat

Continues to grab market share in cvi

Pexip Holding - Still need to see a return to growth

Targets NOK 100-150m in EBITDA for 2023 Cost cuts not enough to take Pexip to good profitability Still a HOLD: Awaiting return to growth

Pexip Holding - Guides for 2023 EBITDA of NOK 100-150m

ARR declined 5% q-o-q and was 3% below cons Adj. EBITDA in-line with cons, costs 9% lower Guides for NOK 100-150m in ‘23 EBITDA vs. cons 127m

Pexip Holding - Additional cost cuts may be needed

Soft Q3 expected: ARR -3% q-o-q, EBITDA of NOK -77m Uncertain outlook for CS: ’23-‘24e ARR down 15-20% HOLD: Wait for more cost cuts or a return to growth

Pexip Holding - New Teams/Cisco partnership negative for CS

Option to run Teams natively on new Cisco devices Limited ST impact, but lower CVI demand long-term HOLD: Growth needed to reach positive cash flow

Pexip Holding - NOK 300m in cost cuts, but it is not enough

Announced ~NOK 300m in cost savings …but without a return to growth, it is not enough Still a HOLD with new TP of NOK 13 (18)

Pexip Holding - Takes action by cutting costs

Guides for soft Q2 and sees lower growth in CS … but will cut costs to reach positive EBITDA in ‘23 HOLD: Awaiting return to profitable growth